Fannie Mae Requirements for Investor and Second Home Borrowers with Five to Ten Financed Properties

Most lenders will restrict the number of properties an investor can finance to a total of four properties.  This restriction was recently loosened to allow for up to ten financed properties.  There are unique restrictions regarding credit score, Loan to Value (or LTV) and reserve requirements that make getting them funded very difficult. Here are a couple of bullet point guidelines you’ll need to be aware of: No foreclosures in the preceding 7 years No late mortgage payments within the last 12 months 6 months of mortgage payments in need to be in reserves for each other second home or …

Fannie Mae Homepath Mortgage Loans…NO Appraisal, NO MI and NO Condo Certification!

Fannie Mae HomePath Mortgage Loans… NO Appraisal, NO MI and NO Condo Certification! Looking for a fix up property… with mortgage financing readily available? You believe you are either a handy person when it comes to home fix up projects or maybe you know someone who is handy. Shopping for foreclosed homes seems like a great idea for you, as foreclosed properties are the properties most likely to have some fix up projects that need to be completed. This is a great idea, right up until you are not able to get financing on that foreclosed property. You may qualify …

Make That Foreclosed Home your Dream Home with an FHA 203k Loan.

You have spent the last 3 months dreaming of buying your new home.  You have been saving for a year for the down payment and you are ready.  You have your dream home in your mind.  You want that 2 story, 3 bedrooms/ 2 bathrooms home that fits the needs of your family.  You want that nice yard for the kids so they can play.  You start working with a Realtor to help you find this new home and you consult with an experienced loan officer to see what you can afford. You are excited because this is going to …